By Scott SperlingThe Wall Street ReviewBy Scott SPERLINGPublished Nov 06, 2018 12:06PM ESTUpdated Nov 07, 2018 08:56AM ESTBusinesses need to have a plan for when they’re going to need to hire or replace a full-time employee, but it can be difficult to make the decision and when it needs to happen.
To help guide your business through this process, we talked to a few of the top experts in the field to help guide you through this crucial decision.1.
A business owner can’t rely on the future to determine the quality of their current workforceThe first thing to understand about hiring a full time employee is that you need to know how your current workforce will respond to their new responsibilities.
“You need to understand that if they’re being replaced, there’s a good chance they won’t be able to perform their job, and they may even find that their work experience will be less than it was before,” said Dan Rittman, founder of The Rittmans Consulting Group.
To figure out what that means for your business, consider these three factors:What the experts say about the best way to decide when to hire a fulltime employeeYou have to hire your employees to stay competitiveYou need them to stay flexible and efficientIf you can’t figure out exactly how to make that decision, it could have big consequences.
“It can be really important if you’re hiring for the future and you don’t know if your workers will be able or willing to perform the job that you’re going after,” said Rittmann.
“If you don.t have a solid plan in place, you’re not going to get the job done.”2.
The best way for your employees and employees to grow is to get your business to scaleWhat’s the best strategy to use to increase revenue?
If you want to increase sales, you should use that as your goal.
“Sales growth is a good thing,” said David Bowers, owner of the consulting firm Bowers Associates.
“But the real key to making that happen is to build your brand, build your customer base and build your business,” he said.
“Once you have that built, the only question is how to scale it to get there.”
If you don, you may find yourself at a loss.
“I have a really hard time thinking about growth, because I’m trying to make my company a billion-dollar company,” said Bowers.
“So it’s hard to imagine growth without a solid sales strategy.”3.
What you need is a clear planWhat you need for a business to be successful is a plan that includes everything that needs to be in place for the business to grow, but without a firm timeline or set of expectations.
“The most important thing to do is not to have your plans in a vacuum,” said Scott S. Sperling, owner and CEO of Ritts Consulting Group, in an interview with The Wall St. Review.
“There is no formula that can predict when it’s going to happen, and that’s why it’s so important to have an accurate, actionable plan in order to do that.”
In the case of your new hires, you’ll need to figure out when you need them and when they should be brought in.
“If you hire a new employee who’s going into their first full year of work and they are a little bit more than two years old, you need a plan on how to deal with that, but that doesn’t necessarily mean you need the plan to be a five-year plan,” said Sperly.
“Your plan has to have something to do with it.”
If your business needs to expand beyond a certain point, the best plan is one that has specific objectives.
For example, you might want to know what your company is looking for in the next five years, but your business doesn’t need to be that specific.
“When you’re creating a plan, you want it to be very clear and specific and specific enough to give you a plan of what you’re trying to achieve,” said Paul R. Sorensen, founder and CEO at Sorensoft.
“And then, the plan has two pieces to it: What are the steps you want your employees taking to be able get there?
And then what are the things you want them to do in order for you to get that step achieved.”
To create that plan, use a formula, or a list of steps.
“A plan should be a long list of goals and objectives that you set up in advance,” said Rob Sorenn, CEO of Soresoft.
If you’re looking for a plan to grow your business by a billion dollars, it may take you several months to come up with a list.
“Planning is about setting a direction and a time frame for your goals,” said Mr. Sorennsen.
“Make sure that the plan is in place to